Discussion on global economy and financial markets - Page 41

https://www.moneycontrol.com/news/business/markets/jio-financial-services-to-enter-ftse-indices-from-july-20-10957501.html

Artificial intelligence-related stocks have powered up this year.

Companies like Microsoft, Nvidia, and Google have seen impressive gains in 2023 partially due to their investments in artificial intelligence (AI).

However, according to the CEO of Stability AI, artificial intelligence will be the biggest bubble of all time. “I call it the ‘dot AI’ bubble, and it hasn’t even started yet,” Emad Mostaque, founder and CEO of Stability AI said.

Mostaque said he isn't knocking the industry, he is just saying that the AI market is very saturated right now - and many companies are bound to die out when the smoke clears. He also noted that companies are already being punished for improperly using AI. For example, Google lost $100 billion in one day after its Bard AI chatbot gave false info in a promotional video!

It's earnings time! Bank of America (BAC +1.00%) and Morgan Stanley (MS +0.69%) report earnings today. Tesla (TSLA +3.04%) and Netflix (NFLX +2.03%) report earnings later this week.

Today, the market fluctuated violently, from positive 350+ to negative 100 points.

Microsoft at an all time high!

Originally posted by: Viswasruti

Today, the market fluctuated violently, from positive 350+ to negative 100 points.

Deja Vu, right?

The U.S. labor market is still tight.

The number of Americans that filed new claims for unemployment benefits dropped last week - unexpectedly. Claims hit their lowest level in two months, a sign that the labor market is still strong.

*The Fed disliked this.*

Breakdown: The situation is a double-edged sword.

⚔️ On one end, the Labor Department has reported a second straight weekly decline in unemployment claims. Businesses are also holding onto employees with fewer layoffs reported than last month. That's good news for an economy that's trying to avoid a recession this year.

⚔️ On the other end, the Federal Reserve is trying to slow the jobs market so that the pace of inflation cools down.

Next week the Fed will meet to discuss resuming rate hikes after skipping an increase in June.

Big week ahead. Microsoft, Google, Amazon, Facebook, Visa, MasterCard, and Johnson & Johnson will report earnings.

The Federal Reserve will meet on Wednesday to make a decision on whether or not to raise interest rates.

Bloomberg reported that the Federal Open Market Committee will most likely raise rates by a quarter point, marking the 11th increase in the past 16 months.

U.S. Senators officially introduced a bill to ban lawmakers from trading stocks. The bill would disallow members of Congress and their families from trading individual stocks. The intention of the bill would be to remove conflicts of interest and ensures officials don't profit at the public's expense.

According to a recent survey, about 63% of Americans support banning stock trading for members of Congress.

Here are some stats provided by lawmakers:

• 1 in 3: Members of Congress who traded stocks or other financial assets from 2019 to 2021.

• 1 in 7: Members of the 117th Congress who violated the STOCK Act by failing to properly report their stock trades.

• 3,700+: Stock trades reported by members of Congress from 2019 to 2021 that potentially posed conflicts of interest.

• 17.5%: Average amount by which members of Congress’ stock portfolios outperformed the S&P 500 in 2022.

Originally posted by: NerdyMukta

U.S. Senators officially introduced a bill to ban lawmakers from trading stocks. The bill would disallow members of Congress and their families from trading individual stocks. The intention of the bill would be to remove conflicts of interest and ensures officials don't profit at the public's expense.

According to a recent survey, about 63% of Americans support banning stock trading for members of Congress.

Here are some stats provided by lawmakers:

• 1 in 3: Members of Congress who traded stocks or other financial assets from 2019 to 2021.

• 1 in 7: Members of the 117th Congress who violated the STOCK Act by failing to properly report their stock trades.

• 3,700+: Stock trades reported by members of Congress from 2019 to 2021 that potentially posed conflicts of interest.

• 17.5%: Average amount by which members of Congress’ stock portfolios outperformed the S&P 500 in 2022.

https://twitter.com/WIONews/status/1683451965483921410?t=Y_VAunPQShzLRwV6rJhjFA&s=19